Filing Flows › Xencor (XNCR) › Q3 2026 › vs Q3 2025
Xencor (XNCR) Q3 2026 vs Q3 2025 (year over year)
Xencor's revenue rose $95.5M (+455%) from $21.0M in Q3 2025 to $117M in Q3 2026. The biggest changes: Royalties +$66.5M (+317%); Milestone +$29.0M (—). Operating margin 19.6% against -226.3% (+245.9 pts).
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.6% | -226.3% | +245.9 pts |
| Net margin | 33.8% | -28.7% | +62.5 pts |
| Free cash flow margin | 0.7% | -147.6% | +148.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Royalties | $87.5M | $21.0M | $66.5M | +317% |
| Milestone | $29.0M | $0 | $29.0M | — |
| Revenue | $117M | $21.0M | $95.5M | +455% |
| Other income, net | $16.4M | $41.5M | −$25.1M | -60% |
| Operating profit | $22.9M | −$47.5M | $70.4M | — |
| Costs & expenses | $93.7M | $68.5M | $25.1M | +37% |
| Pre-tax earnings | $39.3M | −$6.0M | $45.3M | — |
| Research & development | $84.3M | $54.4M | $29.9M | +55% |
| General & admin | $9.4M | $14.2M | −$4.8M | -34% |
| Income tax benefit | $175K | $0 | $175K | — |
| Net earnings | $39.4M | −$6.0M | $45.5M | — |
| Operating cash sources | $51.1M | $6.7M | $44.5M | +668% |
| Depreciation & amortization | $2.2M | $2.6M | −$351K | -14% |
| Share-based compensation | $9.4M | $10.1M | −$659K | -7% |
| Working capital & other | $48.5M | $37.5M | $11.0M | +29% |
| Operating cash flow | $2.6M | −$30.8M | $33.5M | — |
| Free cash flow (OCF − capex) | $838K | −$31.0M | $31.8M | — |
| Capital expenditures | $1.8M | $183K | $1.6M | +886% |
Questions
How much did Xencor's revenue grow year over year in Q3 2026?
Xencor's revenue rose $95.5M (+455%) from $21.0M in Q3 2025 to $117M in Q3 2026.
What drove Xencor's revenue change in Q3 2026?
Royalties +$66.5M (+317%); Milestone +$29.0M (—).